Smithville Square, a 106,931-square-foot retail property located at 45 S. New York Road in Galloway, was sold to Western Building Co. for $13.7 million, Cushman & Wakefield announced.
Cushman & Wakefield’s Frank DiTomasso, Andy Schwartz, Jordan Sobel, Max Helfman, Andre Balthazard and Dan Bottiglieri represented the seller, P3 Properties.
P3 Properties acquired the property for $4.1 million at 55% occupancy. Through redevelopment and capital improvements, it was able to bring the property to 97% occupancy, successfully executing their value-add strategy.
“This transaction underscores the continued demand for stabilized retail assets in growing markets with strong demographics,” Sobel said. “Smithville Square is a prime example, offering a value-add opportunity in a thriving retail corridor.”
Smithville Square is situated on 26 acres with frontage along Route 9. Currently 97% leased and anchored by Curexa Pharmacy, the property has a diverse roster of 19 complementary tenants offering lifestyle, wellness, educational and child services, among others, in addition to a variety of restaurant-oriented uses.
Situated on Route 9 just four miles from Exit 44 on the Garden State Parkway, the property’s location in Galloway offers unparalleled accessibility to the surrounding area.
